Culp reports lower sales for quarter

HIGH POINT, N.C. – Hit by the recent foam shortage and rising raw materials costs, Culp, Inc. reported a net loss of $4.2 million, or 36 cents per diluted share, for the second fiscal quarter of 2006 -- on par with last year.

Sales declined 11 percent to $67 million.

Robert Culp III, chairman and CEO, said the company implemented surcharges to its customers in October in furniture and bedding segments to off-set higher costs. “We expect that these factors will continue to affect our business over the next quarter, although to a diminishing extent,” he added.